Fewer
prospective
mortgage
borrowers
pulled
the
trigger
in
June,
according
to
a
new
report
from


Mortgage
Capital
Trading.

Mortgage
rate
locks
decreased
7.84%
in
June
compared
to
the
previous
month.

This
drop
follows
a
brief
uptick
in
volume
at
the
beginning
of
the
traditional
buying
season,
suggesting
a
continuing
stalemate
between

limited
housing
supply
and
higher
interest
rates
(they
were
7.11%
on
Friday),
MCT
said
this
week.

While
purchase
locks
fell
8.99%,
refinances
increased
by
11.56%.
Overall,
on
a
year-over-year
basis,
volumes
in
June
increased
6.11%.

In
a
statement,
MCT’s
Andrew
Rhodes,
the
company’s
head
of
trading,
said
June’s
economic
reports
are
expected
to
play
a
critical
role
in
shaping
the

Federal
Reserve‘s

next
moves.

“If
the
upcoming
nonfarm
payroll
report
and
Consumer
Price
Index
(CPI)
continue
to
align
with
predictions,
and
these
economic
indicators
continue
to
show
progress,
we
could
see
one
or
two
rate
cuts
by
the
end
of
the
year,”
he
said.

On
Friday,
the
jobs
report
showed
206,000
new

jobs
were
created,
above
the
expected
figure
of
189,000
but
a
meaningful
decline
from
prior
months.

Traders
on
Friday
were
pricing
in

two
rate
cuts
in
2024,
starting
in
September.

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